KUALA LUMPUR (Sept 6): Tata Sons may emerge as the controlling shareholder in AirAsia India by increasing its stake from 49% to 51% as part of the budget airline's clean-up and consolidation, The Times of India reported today.
The Times of India, quoting people directly aware of the matter, reported that Tata Sons may emerge as the controlling shareholder in AirAsia India by buying stakes
owned by the airline’s chairman S. Ramadorai and non-executive director R. Venkataramanan.
"The proposed stake-buy will tighten Tata Sons' grip over the four-year-old AirAsia India and will reaffirm its commitment to the aviation business," The Times of India reported.
It was reported that Ramadorai and Venkataramanan own 0.5% and 1.5% stakes respectively in AirAsia India while AirAsia Group Bhd has 49%. It was reported that Tata Sons' board had discussed about buying Ramadorai and Venkataramanan's AirAsia India stakes but there is no deadline to close the transaction.
The Times of India reported that a Tata Sons spokesperson declined to comment on the story while Ramadorai and Venkataramanan did not respond to text messages and e-mails. At the time of writing this theedgemarkets.com report, AirAsia Group Bhd had not issued a statement in response to The Times of India report.